An econometric study into the impact of the current account on house price growth in the United States
نویسنده
چکیده
This dissertation investigates the impact of the current account on house price growth in the United States between Q4 1977 and Q4 2013. An econometric analysis is used to estimate the effect of changes in the current account balance on house price growth over the period, whilst accounting for a range of control variables. The regression results show that throughout the period, negative changes in the current account balance were associated with higher levels of house price growth. This finding holds even when controlling for potential reverse causality. However, the econometric model fails to account for all of the variation in house price growth and as such omitted variable bias cannot be ruled out.
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